Following major acquisitions and expansion in 2023, the Aboitiz Group is more than doubling its capital expenditures (capex) to P153 billion this year from the P65 billion spent in 2022 with a majority allotted for its renewable energy projects in the pipeline.

In a statement, Aboitiz Equity Ventures said further investments are also being made to develop its retail banking business, support utility infrastructure projects, and expand its food group, among others.

With significant milestones headlining the year such as managing the largest operating private bulk water supply facility in the country and entering the consumer beverages market in a landmark joint acquisition, the group said it is well-positioned to achieve its growth prospects and contribute towards nation building.

“Our substantial increase in capital expenditures is a clear reflection of our commitment to renewable energy," said Aboitiz Group President and CEO Sabin M. Aboitiz.

He added that “we believe that investing in sustainable energy sources is not just good for the environment, but also makes good business sense. As a techglomerate, we intend to redefine the meaning of industry and community in the digital age.”

AboitizPower (AP) is getting the biggest share at P73 billion, or 48 percent of the Aboitiz Group’s total capex, mainly for the development of its renewable energy or RE projects. This is a major jump from the previous year’s capex and represents the company’s and the group’s mission of developing cleaner and more sustainable energy sources for the country.

The company has over 1,000 megawatts (MW) of disclosed RE projects in construction and development en route to hitting a target of 4,600 MW within the next decade.

AP also plans to break ground on a number of renewable energy projects this year, including the 89 MWp Solar Project in San Manuel, Pangasinan and a 50 MW wind plant in Camarines Sur, done in partnership with another energy firm.

Parent company AEV is allotted with 29 percent, or P44 billion, of the Group’s capex, of which P40 billion is earmarked for the acquisition of Coca Cola Beverages Philippines, Inc. (CCBPI), the bottling arm of Coca Cola in the country.

Aboitiz InfraCapital and its partners have allotted an aggregate P25 billion capex to strengthen and optimize existing assets, while sustaining its growth by exploring new projects and synergies within the group.

Another P1 billion is allotted for major maintenance works and the purchase of critical spares of the group’s cement business under Republic Cement.

Pilmico and Gold Coin Group (Pilmico) continues to be one of the leading feed millers in the Asia Pacific region and has been allotted almost P4 billion capex in 2024, mostly for its agribusiness expansion projects.

It is currently constructing its Yunnan Mill in China, slated for completion by the second quarter of 2024, which has the capacity to produce up to 150 thousand metric tons of livestock annually.

Meanwhile, its Long-An feedmill in Vietnam is nearing completion also in the second quarter with a capacity of 200 thousand metric tons and the potential to expand to 300 thousand metric tons.

For its food and nutrition arm, Pilmico plans to improve its meats business further by repopulating its breeder farms, developing channels to bring up plant utilization of its meat-cutting facility, Tarlac MeatMasters, and reinforcing its meats organization, among others.

Aboitiz Land has been allotted P3.3 billion for capital expenditure to support its ongoing projects.

Aboitiz Land plans to launch the second building of The Strides at LIMA and will also focus on their strategy of harvesting their existing landbank and promoting group synergy by maximizing the value of various real estate holdings across different Aboitiz Business Units, including the economic estates.